Have you ever wondered what Maiar Exchange Farms are? Wonder no more! This post will explain everything you need to know about MEFs. We’ll discuss what they are, how they work, and other required info. So sit back, relax, and get ready to learn all about the beautiful world of Maiar Exchange Farms!
What is Maiar Exchange?
Maiar exchange is a decentralized exchange built on the Elrond blockchain. The native token of the Maiar exchange is called $MEX. The main aim of Maiar DEX is to provide a simple, secure, and fast way to trade cryptocurrencies inexpensively.
What is Maiar Exchange Farms?
One of the main features of the Maiar DEX is farming, where you can earn a great reward for providing liquidity. Every liquidity provider can make great APR ranging up to 130% and stake liquidity pool tokens or MEX. The rewards are paid in MEX.
Providing liquidity means you’re making a tradeable market for a trading pair. For example, if you add liquidity to the MEX/EGLD pool, you’re making it easier for others to trade MEX for EGLD (or vice versa). In return for your service, you earn rewards in the form of MEX tokens. These rewards are based on the amount of liquidity you provide, the length of time you provide it, and the amount of trading volume in the pool.
To give you an idea of how you earn the reward, let’s give a scenario. You stake MEX-EGLD in Maiar exchange farms, and you will get 106.32% APR locked rewards. You can also farm without locked rewards, but APR will be low.
Maiar Exchange LP Farms
At the moment, there are five pairs available for LP farming. There are two kinds of rewards which are regular rewards and locked rewards. Regular rewards mean that you can withdraw them anytime you want and locked rewards mean they will be locked for a year.
- MEX-EGLD: The APR for the MEX-EGLD pair is 22.75%/106.30%.
- EGLD-USDC: The APR for the EGLD-USDC pair is 26%/119%.
- RIDE-EGLD: The APR for the RIDE-EGLD pair is 40%/131%.
- ITHEUM-EGLD: The APR for the ITHEUM-EGLD pair is 46%/91%.
- UTK-EGLD: The APR for the UTK-EGLD pair is 39%/144%.
What do You Need to Participate in Farms?
You need a specific coin or token that you want to farm. It’s straightforward to take part in Maiar exchange farms. You need to connect to the wallet through the four options: Maiar DeFi Wallet, Maiar app, Ledger, and Elrond Web Wallet.
Once you connect to the wallet, click on the farm to see the different pairs eligible for farming. You can choose whatever you are interested in and click stake lp. Once you click stake lp, you can select the amount if you want a normal reward or locked rewards, then click on stake. After that, you will be asked to sign two actions in 1 transaction, and you will be ready to farm in Maiar exchange.
Maiar exchange farms are a great way to earn high rewards on your holdings. You only need a specific coin or token you want to farm, and you can start earning rewards!